OPEC basket price up to $106.4 per barrel

The price of the basket of crudes of the Organization of Petroleum Exporting Countries (OPEC) was up 29 cents on Friday to trade for USD 106.4 per barrel (pb), compared to Thursday's price of USD 106.11 pb. The OPEC price bulletin Monday said the annual price of the 12-crude basket for last year was USD 109.45 pb. The current OPEC Reference Basket of Crudes (ORB) is made up of 12 crudes. It includes Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE), and Merey (Venezuela). OPEC oil ministers had agreed in their meeting in late May to maintain the current output cap of 30 million barrels per day.